Market Analysis for July 31
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The upward trend from 98115 to 123300 has ended.
The adjustment from 123300 to the present is expanding at a different level, forming a double sawtooth adjustment structure.
Currently, we are in the x-wave rebound, followed by a second sawtooth decline, with the lower support level around 110,000.
It has been 16 days since the adjustment from 123300, still oscillating within a 30-minute central range, with a top divergence dead cross appearing on the 2-day line! An adjustment of about 25 days is expected. It is recommended to take profits on long positions at high levels,
Short position strategy: Focus on the 5-minute chart; if a 2B signal appears after momentum exhaustion, it can be shorted. A dead cross in the 5-minute moving averages indicates a bearish arrangement, which can also be shorted!
Target around 110,000 to 112,000.
The same goes for Ethereum; short at high levels and monitor the 5-minute signals! Additionally, the Ethereum daily chart shows a high dead cross, and the indicators need to be corrected! The market is falling, and no one is spared.
For those interested in collaborating with Binance on commission returns, welcome to cooperate.
